Live Markets Commentary
Sify Editors @ 4:30 PM
Sensex ends 167 points up
After a rousing start and a subsequent fall from higher levels that resulted in erosion of a good portion of its early gains, the market rallied smartly past mid morning, but failed to sustain at higher levels once again, but still ended the session on a fairly bright note on Friday.
Global cues were weak with markets in Asia and Europe drifting lower. Concerns about slowing economy weighed as well, but the market managed to hold on in positive territory thanks to some stock specific stories prompting investors to indulge in steady buying at a few front line counters.
The BSE benchmark Sensex, which vaulted to 28,726.26 in early trades, ended up 167.48 points or 0.59% at 28,468.75. The Nifty50 of the National Stock Exchange ended at 8821.70, gaining 43.70 points or 0.5%, after scaling a high of 8896.45 and a low of 8804.25 intraday.
In the forex market, the rupee was trading at 66.99 against the U.S. dollar around late afternoon, up 0.12% from its previous close of 67.07.
Sify Editors @ 3:00 PM
Sensex up nearly 200 points; Pharma, bank stocks shine
Key Indian stock indices Sensex and the Nifty50 remain fairly well placed in positive territory this afternoon, as buying continues at several front line counters from across various sectors.
Healthcare, bank and oil stocks are among the prominent gainers. A few stocks from oil, capital goods and power sectors too have risen sharply.
The Sensex is up 191.78 points or 0.67% at 28,493.05, while the Nifty50 is up 49.70 points or 0.57% at 8827.70.
HDFC Bank is up 3.5% following the central bank allowing foreign investors to buy more of the stock after their holdings fell below the prescribed limit. Canara Bank is gaining 2.3%. IndusInd Bank, ICICI Bank, IDFC Bank and Federal Bank are up 1.2% - 1.3%. Kotak Bank, Bank of Baroda and Yes Bank are up marginally, while State Bank of India, Punjab National Bank, Axis Bank and Bank of India are weak.
Sify Editors @ 2:30 PM
Reliance Capital is trading nearly 4% up this afternoon on reports the company is advanced stages to Demerge its Commercial Finance business. Reliance Capital is said to be in advanced talks to sell 1% stake in Paytm.
The Exchanges have sought clarification from Reliance Capital Limited with respect to above reports and a response from the company is awaited.
Sify Editors @ 1:45 PM
Buy NCC (Rs 82.20). For short term, keep a stop loss at Rs 77.
Sify Editors @ 1:25 PM
Buy BHEL for medium term gains. Add further at sharp declines.
Sify Editors @ 12:55 PM
Hold IndusInd Bank looks poised for some upside in the near to medium term.
Sify Editors @ 12:20 PM
Cadila Healthcare extends gains, rises 4% on strong volumes
Cadila Healthcare is extending recent gains and has so far added more than 25% to its closing price on Wednesday.
The stock hit a new record high of Rs 460 this morning, gaining about 7%. At present, the stock is at Rs 447, up 4% from its previous closing price.
The stock ended with a hefty gain of 20% on Thursday after the company said that the United States Food and Drug Administration issued no observation (483) after concluding the inspection of the company's Moraiya facility this month.
On BSE, the Cadila Healthcare counter has clocked a volume of 8.44 lakh shares so far in the session, substantially higher than the average daily volume of around 1.5 lakh shares.
On the National Stock Exchange, the Cadila Healthcare counter has logged a volume of nearly 8 million shares fo far in the day.
Sify Editors @ 11:55 AM
Sensex up 211 points as mood remains bullish; HDFC Bank up 7%
The market, which retreated sharply - it stayed in positive territory though - after an upbeat start, stayed a bit rangebound for about ninety minutes and then edged higher as buying gathered some momentum again.
Despite a lack of triggers, the mood is surprisingly bullish this morning. The sharp upmove recorded by the indices was due largely to some hectic buying in HDFC Bank after the apex bank lifted restriction on buying of the bank's shares by foreign investors following their holding in the stock falling below the prescribed limit.
The Sensex is up 211.20 points or 0.75% at 28,512.47. The Nifty50 of the National Stock Exchange is at 8828.20, up 50.20 points or 0.57% from its previous close.
HDFC Bank is currently trading nearly 7% up at Rs 1418. Sun Pharmaceutical Industries is up 2.3% and HDFC is gaining about 2%. Lupin is up 1.2% and Cipla is adding nearly 1%.
Indiabulls Housing Finance, which will soon get into the Nifty50 fold, is up nearly 3%. Indian Oil Corporation, which will also move into the Nifty50 index, is up 2.3%. BPCL, IndusInd Bank, Aurobindo Pharma, Lupin and Bosch are up 1% - 1.6%.
Sify Editors @ 11:30 AM
Buy NTPC (Rs 170) at declines for medium term. For near term, keep a stop loss at Rs 157.
Sify Editors @ 10:55 AM
Idea Cellular, BHEL to move out of Nifty50 index
Idea Cellular and BHEL will move out of the Nifty50 index from 31 March 2017. These two stocks will be replaced by Indian Oil Corporation and Indiabulls Housing Finance.
Shares of Idea Cellular and BHEL are currently trading lower by 3% and 1.5%, respectively.
Indian Oil Corporation is up 1.5% and Indiabulls Housing Finance is gaining more than 3%.
The inclusion of Indiabulls Housing Finance and Indian Oil Corporation into the Nifty50 fold will increase the weightage of financial services and energy sectors in the index. Financial services, which has a weightage of 32.01%, had the highest representation of all sectors as of January 31, 2017.
At 12.3% weightage, energy was the third most represented sector in the Nifty50 index.
Sify Editors @ 10:20 AM
Siemens rose to Rs 1221 after a firm start this morning, buoyed by an announcement from the company that it has bagged an order worth Rs 119 crore from Sterlite Power Grid Ventures for a substation at Khandwa in Madhya Pradesh and for bay extenstion equipment at Dhule in Maharashtra.
The stock pared its gains subsequently and is currently trading at Rs 1210, up just marginally from its previous closing price.
Investors with a medium term plan can buy the stock at current levels.
Sify Editors @ 9:15 AM
Sensex pares some gains after upbeat start; HDFC Bank spurts
The Indian stock market got off to a rousing start Friday morning, with investors flocking the HDFC Bank counter after the Reserve Bank of India allowed foreign institutional investors to buy more shares in the bank.
Despite a lack of triggers from global markets, a few other front line stocks too moved up, lifting the key indices Sensex and the Nifty50 up fairly sharply in opening trades.
The BSE benchmark Sensex, which soared to 28,726.26, gaining about 425 points in a flash, is up 181.44 points or 0.65% at 28,482.71 now. The Nifty50 of the National Stock Exchange, which zoomed to 8896.45, is up 45.40 points or 0.52% at 8823.40.
In the forex market, the rupee opened at 67.12 against the U.S. dollar, down 5 paise from its previous close of 67.07 a dollar.
HDFC Bank spurted to Rs 1450, a new 52-week high, in early trades, and despite having eased to Rs 1412 now, remains high up in positive territory with a gain of nearly 6.5%. The bank will announce its quarterly results later in the day.
HDFC, the housing finance stock, is up 1.2% at Rs 1410, after having surged to Rs 1435 in early trades.